Modern Times Group has issued and immediately repurchased 215,000 new Class C shares. The Nordic-based broadcaster said shares had been issued and repurchased in accordance with the terms of the performance-based incentive program, which was approved by the MTG Annual General Meeting of shareholders on May 17.
The shares were issued in order to enable the future delivery of Class B shares to senior executives participating in the Groups incentive program. The Class C shares will be converted into Class B shares prior to delivery to qualifying participants. MTG now holds a total of 1,065,000 Class C shares, having previously issued and repurchased 370,000 Class C shares in 2009 and 480,000 Class C shares in 2008.